Rapid urbanization, favorable manufacturing standards, and rise of construction industry across the world drive the growth in the global construction chemicals market
PORTLAND, Oregon, Nov. 15, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Construction Chemicals Market by Type (Concrete Admixtures, Water Proofing & Roofing, Repair, Flooring, Sealants & Adhesives, Asphalt Additives, Flame-retardants, shrinkage reducing agents, bond breakers, and mold release agents) by Application (Residential, Industrial/Commercial, Infrastructure and Repair structures): Global Opportunity Analysis and Industry Forecast, 2018–2026." According to the report, the global construction chemicals industry garnered $31.98 billion in 2018, and is estimated to reach $50.6 billion by 2026, growing at a CAGR of 5.9% from 2019 to 2026.
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Prime determinants of growth
Rapid urbanization, favorable manufacturing standards, and rise of construction industry across the world drive the growth in the global construction chemicals market. However, lack of consumer awareness and changes in regulatory scenario hinder the market growth. On the other hand, surge in awareness regarding energy conservation and sustainable infrastructure create opportunities across the world.
Based on type, the research analyzes the report into segments including concrete admixtures, water proofing & roofing, flooring, repair, sealants & adhesives, and others. Among these, the concrete admixtures and water proofing & roofing segments together accounted the highest market share of the global construction chemicals market in 2018, accounting for nearly two-thirds of the total share. However, the concreate admixtures segment is expected to grow at the fastest growth rate by 2026, owing to rise in consumption from developing countries in Asia-Pacific with large number of infrastructure projects undertaken.
On the basis of application, the report is sub-segmented into residential, industrial/commercial, infrastructure, and repair structures. Among these, the residential and infrastructure segments together contributed for three-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period, owing to high demand of construction chemicals in these applications with rapid urbanization globally.
Based on region, Asia-Pacific held the largest market share in 2018, accounting for more than two-fifths of the global construction chemicals market, and is expected to maintain its lead status in terms of revenue throughout the forecast period. However, this segment is expected to grow at the fastest growth rate with a CAGR of 6.7% from 2019 to 2026. North America is expected to register a CAGR of 4.4% during the forecast period. The report also analyzes Europe and LAMEA.
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Leading market players
- BASF SE
- Arkema SA
- Ashland Inc.
- Fosroc International Limited
- Mapie S.p.A
- Pidilite Industries
- RPM International Inc.
- Sika AG
- The Dow Chemical Company
- W.R. Grace & Company
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SOURCE Allied Market Research